760 IAC 3-18-1 Appropriateness of recommended purchase and excessive insurance; reporting of multiple policies

Sec. 1. (a) In recommending the purchase or replacement of any Medicare supplement policy or certificate, an agent shall make reasonable efforts to determine the appropriateness of a recommended purchase or replacement. (b) Any sale of a Medicare supplement policy or certificate that will provide an individual more than one (1) Medicare supplement policy or certificate is prohibited, except that an agent may sell a replacement policy or certificate in accordance with 760 IAC 3-15-1 provided that the replacement policy or certificate is not made effective any sooner than is necessary to provide continuous benefits for preexisting conditions. (c) An issuer shall not issue a Medicare supplement policy or certificate to an individual enrolled in Medicare Part C unless the effective date of the coverage is after the termination date of the individual's Part C coverage. (d) An insurer that issues a Medicare supplement policy or certificate to any individual who has one (1) policy or certificate then in effect, except as permitted by subsection (b), shall, at the request of the insured, either: (1) refund the premiums; or (2) pay any claims on the policy or certificate; whichever is greater. (e) Before March 2 of each year, an issuer shall report the following information for every individual resident of this state for which the issuer has in force more than one (1) Medicare supplement policy or certificate: (1) The policy and certificate number. (2) The date of issuance. (f) The items set forth in subsection (e) must be grouped by individual policyholder. (g) The form for reporting the information required by subsection (e) is as follows: FORM FOR REPORTING MEDICARE SUPPLEMENT MULTIPLE POLICIES Company Name: Address: Phone Number: Due March 1, annually The purpose of this form is to report the following information on each resident of this state who has in force more than one (1) Medicare supplement policy or certificate. The information is to be grouped by individual policyholder. Policy and Certificate # Date of Issuance ___________________________________ Signature ___________________________________ Name and Title (please type) ___________________________________ Date